What apposite is earnest money?
My husband and I are trying to buy our first home. The price of the house is 165,900 but we are trying to get it underneath 160,000. The house is a foreclosure and it has a few things that necessitate to be done before we can even move contained by. We wrote a $1000 check for earnest money. Can more people place bids on the house after we hold given earnest money?
Answers: Yes. Earnest money simply means that you are serious going on for your offer and own shown your earnestness or seriousness by committing funds. It ensures the trader that if he accepts your proffer and then you final out, he can have some compensation for his trouble by keeping the earnest money.
However, anyone else can come along and spawn a better offer than yours. In that covering the seller would return your earnest money.
Yes, someone else can write an submission. However, if your offer have been official AND the repairs have be negotiated and agreed upon AND you enjoy no additional contingencies that requirement to be satisfied up to that time the property closes, those offers would become lower offers and could merely bump you out of line if you do not release the contingencies. You should be speaking beside your Realtor about your concerns as he or she is best competent to answer your questions specific to your circumstance.
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Answers: Yes. Earnest money simply means that you are serious going on for your offer and own shown your earnestness or seriousness by committing funds. It ensures the trader that if he accepts your proffer and then you final out, he can have some compensation for his trouble by keeping the earnest money.
However, anyone else can come along and spawn a better offer than yours. In that covering the seller would return your earnest money.
Yes, someone else can write an submission. However, if your offer have been official AND the repairs have be negotiated and agreed upon AND you enjoy no additional contingencies that requirement to be satisfied up to that time the property closes, those offers would become lower offers and could merely bump you out of line if you do not release the contingencies. You should be speaking beside your Realtor about your concerns as he or she is best competent to answer your questions specific to your circumstance.